What went wrong with the DAO.

Jon Holmquist Blocked Unblock Follow Following Jun 22, 2016

Imagine there was a bank robbery.

The robbers kick in through the front door bearing shotguns and screaming ‘Code is Law.’ They make their way down to the vault and discover that there is a hole in the heavy steel door. They do what the best bank robbers do. Immediately publish their good luck on Reddit, Twitter, Instagram, and Facebook. They spend the next couple hours reaching through the vault hole and pulling out bundles of cash.

The Dark DAO attackers going for a stroll

Then, they leave.

For the next four days the bank operators can be reached on the phone, but they still have not secured the bank.

The door to the bank is still shattered open and the hallway to the vault door is empty.

Eventually one inquisitive criminal walks into the bank and begins to pull cash out. Then another, and another.

A couple of the customers who were in the bank during the robbery have been watching the vault day and night and notice these new criminals. They execute a plan and go into the vault to steal the money themselves.

Unfortunately when the customers started pulling the cash out, some criminals decided to follow them home. If they are able to secure the cash they saved is yet to be seen.

The bank customers send a message to the bank operators who reply simply:

“All bank upgrades, fixes, and security changes must wait 27 days and require 53.3% depositor approval before being implemented”